Traverse City Record-Eagle

Breaking News in 2009

December 15, 2009

3:39 pm: Local projects gain state funding

By Bill O'Brien

TRAVERSE CITY — Three projects in northern Michigan were among 18 approved for state tax credits through the Michigan Economic Development Corp.

The Michigan Economic Growth Authority board on Tuesday approved millions in state tax credits projects across the state that officials said will create more than 6,800 new jobs and generate more than $670 million in private investment.

The projects include a state tax credit of $571,210 over the next seven years for Skilled Manufacturing in Traverse City. The company plans a $9.5 million upgrade to expand into the aerospace field and produce jet engine parts at its local plant. The state estimates the work will create 168 new jobs, including 73 direct jobs in the company.

Also approved is a $2.3 million state brownfield tax credit for ongoing improvements to the Village at Grand Traverse Commons, which is expected to spur another $20 million in new development. Another $231,193 in state and local tax capture will be used for the historic Cobbs & Mitchell Building in downtown Cadillac to convert the space into a fine dining restaurant and commercial office space.

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